On March 19, it was announced that TEXEL Energy Storage AB (“TEXEL“) had made a public takeover offer (“Offer“) for the shares of the publicly listed environmental technology company, Swedish Stirling AB (“Swedish Stirling“). On April 29, TEXEL confirmed the withdrawal of the Offer. The reason for the withdrawal was that the Offer was, among other things, conditional upon Swedish Stirling’s board of directors cancelling the extraordinary shareholders’ meeting scheduled for March 20, 2023, and that Swedish Stirling not be placed in liquidation, bankruptcy, or commence corporate reconstruction proceedings before the expiration of the acceptance period. TEXEL reserved the right to withdraw the Offer if it became clear that the conditions were not met or could not be met.
Swedish Stirling’s board of directors did not cancel the extraordinary shareholders’ meeting on March 20, 2023, and the company was placed in liquidation on March 29, 2023, following a decision at the continued extraordinary meeting on March 24, 2023. The liquidation decision was of significant importance for TEXEL’s acquisition of the shares in Swedish Stirling. Therefore, after careful evaluation and consideration, TEXEL decided to withdraw the Offer.
TEXEL and the liquidator of Swedish Stirling now confirm that they have reached an agreement whereby TEXEL, through its wholly owned subsidiary TEXEL Technologies AB, acquires all the technology assets of Swedish Stirling (including its intellectual property). The transaction encompasses all tangible and intangible assets developed since Swedish Stirling’s founding in 2008. Following a failed capital-raising round, Swedish Stirling’s board proposed on February 19 to convene an extraordinary shareholders’ meeting to liquidate the company. Before write-downs of Swedish Stirling’s assets commenced, the assets were valued at approximately SEK 430 million. The total invested capital in Swedish Stirling since its inception amounts to approximately SEK 1 billion.
Statement from TEXEL:
“We are very pleased to have successfully acquired what we originally sought, and we will now partially integrate the acquisition with TEXEL’s existing business, namely the development of future circular energy storage systems. We anticipate approximately 40% synergy with our existing business, which means that we also intend to develop and transform Swedish Stirling’s intended business and business model by replacing the limited niche market in the ferrochrome industry in South Africa with, among other things, the biofuel market. We will also offer the petroleum industry, starting in Sweden, the opportunity to fulfill its environmental responsibility by converting parts of their flared gas into electricity rather than just CO2. The market is vast, local, and it should be a requirement to operate within the petroleum industry in 2023,” says Lars Jacobsson, CEO and Chairman of TEXEL.